Solar PV installer A Shade Greener (ASG) has secured three loan facilities worth £155 million to refinance its portfolio of commercial and residential solar projects.
ASG will receive the loans from Macquarie Infrastructure Debt Investment Solutions (MIDIS), allowing it to continue with its business model of installing solar panels onto commercial and residential buildings entirely for free.
Simon Duncan, Chief Financial Officer at ASG, said the firm had been looking for a long-term lending partner in order to help it grow beyond its current means.
“MIDIS was able to provide us with certainty and visibility over our financing strategy, allowing us to expand and provide UK consumers access to free solar energy,” he said.
The financing boosts MIDIS’ – part of the Macquarie Group – investment in renewable energy assets which have a combined annual output of 270,000MWh and comes a month after it financed a 29MW ground mount solar project in Pembrokeshire, Wales.
“The ASG financings represent excellent assets for our pension fund and insurance investors on whose behalf we are sourcing long-term, stable assets in defensive infrastructure sectors,” Kit Hamilton, SVP at MIDIS, said.
In the six years since its founding, ASG has installed solar PV panels on more than 50,000 homes.